"Fire Gensler" Declaration: The Trump Administration Fires the First Shot in the "Blood Change" of Crypto Assets Regulation

Original Title: JD Vance calls for market structure bill at Bitcoin 2025, says Trump administration will ‘fire’ anti-crypto regulators

Original author: Sarah Wynn

Source of the original text:

Compiled by: Daisy, Mars Finance

Washington lawmakers are rapidly advancing two bills: one for stablecoin regulation and another to establish rules for the entire cryptocurrency industry.

Vance also vowed on Wednesday that the Trump administration would fire regulators like former SEC chair Gary Gensler.

U.S. Vice President J.D. Vance urged the advancement of digital asset regulatory legislation, warning that inaction could lead to the outflow of trillions of dollars in capital. The current legislative process is facing resistance, partly due to associations with former President Trump's cryptocurrency.

Vance stated at the "Bitcoin 2025" conference in Las Vegas on Wednesday that a "market structure bill that does not restrict cryptocurrencies" is needed to "ensure that cryptocurrencies become a part of the mainstream economy."

"If we cannot establish a clear regulatory framework now, this $30 trillion industry may seek to move to more friendly regulatory environments. President Trump will do everything possible to prevent this from happening." Vance stated, "By creating sensible rules that support innovation, we can also ensure that the Democrats or other forces will no longer be able to wage war on the crypto community."

Washington lawmakers are accelerating two pieces of legislation: one for stablecoin regulation and the other for setting rules for the entire cryptocurrency industry. But the Trump family's involvement in cryptocurrencies has plagued legislation — Trump and his wife Melania launched their own meme coins before his inauguration, and World Liberty Financial, which he supports, recently issued stablecoins.

The Senate's stablecoin bill has been delayed this month due to concerns from Democrats, with points of contention including: provisions for foreign issuers, anti-money laundering standards, potential risks of corporate-issued stablecoins, and the increasingly close association between Trump and crypto projects (including newly launched stablecoins). The bill was ultimately advanced through a "motion to terminate debate" procedural vote, and the House will hold a hearing on digital asset regulation on June 4.

"You have been fired"

Vance vowed on Wednesday that the Trump administration would fire regulatory officials such as former SEC Chairman Gary Gensler from the U.S. Securities and Exchange Commission ( SEC ). The president has the authority to remove heads of federal agencies, but there are certain limitations. According to NBC News, the U.S. Supreme Court ruled temporarily last week that the Trump administration could fire members of independent federal agencies, but implied that this rule does not apply to the Federal Reserve.

Gensler left office this January before Trump's inauguration. The new SEC chairman, Paul Atkins, who was appointed by Trump, stated plans to adopt a new strategy for the agency's cryptocurrency regulation.

"Perhaps the most important thing we can do for the crypto community is to reject these types of regulators - we fired Gary Gensler and will fire everyone like him." Vance said on Wednesday.

Vance briefly mentioned his personal Bitcoin holdings on the same day. Previous financial disclosure documents showed that this vice president held up to $500,000 worth of Bitcoin before taking office. "I still hold quite a bit of Bitcoin now," he said.